What must coupon rate be on these bonds

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Reference no: EM131868047

DMA Corporation has bonds on the market with 15.5 years to maturity, a YTM of 7.6 percent, and a current price of $1,063. The bonds make semiannual payments and have a par value of $1,000.

What must the coupon rate be on these bonds? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Coupon rate %

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Reference no: EM131868047

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